With all of the technology available for improving security and the customer service experience, loss prevention remains staggeringly high. Retailers can improve the customer experience through technology while also understanding how to mitigate the security risks technology can create.
Below are some key technology trends retailers are implementing, but they still need to have checks and balances.
Facial recognition systems can benefit retailers by identifying when key clients are in the store, recognizing when a suspect has trespassed and identify recurring shoplifters.
Retailers must remember they still require a trained professional to review and analyze the facial recognition system at all times. They also need to have a support team to act on potential threats. Even when facial recognition technology is programmed correctly, there is still the possibility of errors to occurring for various reasons such as disguises, image clarity, power outages, etc.
Prepaid cards make a great gift or reward, but it has also created a criminal industry that is on the rise. Some retailers are no longer accepting prepaid cards as a form of payment.
Retailers and financial institutions are looking into checks and balances to support the customer, hoping to continue the use of prepaid cards.
Self-payment systems are beneficial for grocery and big box stores, but retailers still need to have physical security presence, aside from technology, to help monitor purchases to avoid shoplifting or accidental theft.
With the holiday season is fast approaching, retailers need to ensure loss prevention practices become part of their everyday routine.
Security is not an illusion – meaning your customers need to know that you are a security-minded store. All personnel must be included in your security program. Having security presence is also a great way to deter and prevent theft. Customers do not enter a store with the intent to steal – 80% of robberies happen when a customer sees an opportunity.
Below are some additional tips:
The best theft deterrent is great customer service
Thieves do not like attention and need to be left alone to have the opportunity to steal
Identify key areas of concern and turn them into hot zones for customer engagement
Ensure all employees know which areas are the highest priority
Identify the areas on a store map if available
Ask employees to walk through the hot zones frequently
Treat everyone who walks through your doors as a potential customer
Thieves will not always exhibit the same behaviour – train all staff to approach each person and offer great customer service
Make it apparent to thieves that you take security seriously and ensure the measures you have in place are well displayed
To learn more about how ASAP Secured can help with loss prevention please visit: www.asapsecured.com
Today it is easier than ever to order luxury products online as cyber marketplaces gain more and more popularity. One rapidly growing website is Alibaba Group, which started in China 16 years ago and now competes with eBay and Amazon. Alibaba’s consumer-to-consumer Taobao, similar to eBay.com, features nearly a billion products and is one of the 20 most visited websites globally. This multi-billion dollar company has plans to further expand throughout the globe. The slowdown in China’s economy has led to only a 27% growth in revenue in the last quarter compared to 60% in the previous seven. This increase was primarily caused by the rise in sales of luxury products. As consumers in China get more disposable income, they are prepared to pay as much as 4,200 Yuan ($661) for a single item and they want to know that the product is real. Unfortunately, Alibaba has gained the reputation of being a counterfeit haven.
This is an image that will be hard to shake off, as China is known to produce ‘close to real’ Rolex watches and other luxury goods for as low as 1% of the original price. Many ordinary sailors could be spotted wearing these expensive watches when they came back from long trips oversees. At least it was understood that they were not getting the real deal when buying from a sales guy that had 25 watches on display in downtown Hong Kong.
In order to become a trusted online marketplace for luxury goods, Alibaba needs to put in a solid effort to prevent selling fake products. Their measures should be transparent and verifiable in order to convince not only local consumers, but also those in western countries where Alibaba wants to expand.
There are many ways to have fake products enter the supply chain, starting at the source, the production facility. After that, the final product makes its way through many warehouses and modes of transportation. In order to assess the vulnerability of the supply chain, there needs to be a detailed mapping of all these steps along with a review of the risks involved by site, transition phase and the transportation legs. Luxury brands will have to put pressure on companies like Alibaba to allow for thorough assessments performed by reputable management or security companies. The vulnerability assessment will result in recommendations to mitigate the risk of fake products entering the supply chain and in the end protecting the customer from buying a real fake Rolex.